The Houston Rockets have traded point guard Michael Carter-Williams to the Chicago Bulls for a future conditional second-round pick and cash considerations. The Bulls will consequently waive Carter-Williams upon the full completion of the trade.

The move comes hours before the 5 p.m. ET deadline to waive non-guaranteed contracts. Assuming the league processes the trade timely, the Bulls will have six hours to waive his contract and not assume liabilities for the remainder of the season, allowing him to go into waivers.

Chicago’s roster is already at the maximum of 15 players before dealing for Carter-Williams. After a promising rookie season with the Philadelphia 76ers in 2013-14, in 16 games with the Rockets, Carter-Williams averaged a career-worst 4.3 points and 1.2 assists per game with the team,